Finance Minister Joe Oliver is expected to announce he has secured agreement from Canada’s big banks on no-cost banking services for low-income seniors and other financially vulnerable Canadians.

No-cost accounts at Canadian banks are expected to potentially benefit about seven million low-income Canadians, including young people, and come into force next year.

By:Canadian Press Published on Tue May 27 2014

OTTAWA—Finance Minister Joe Oliver is expected to announce he has secured agreement from Canada’s big banks on no-cost banking services for low-income seniors and other financially vulnerable Canadians.

The minister has scheduled an announcement at a senior’s centre in Ottawa for noon.

The no-cost accounts are expected to potentially benefit about seven million low-income Canadians, including young people, and come into force next year.

Susan Eng of the Canadian Association of Retired Persons says measures to help vulnerable seniors avoid costly fees are welcome, as would be the elimination of charges for receiving credit card statements by mail.

Last year’s Throne Speech signalled that the government plans to announce a string of consumer-friendly policies, including rules limiting charges on pre-paid credit cards and measures to reduce the Canada-U.S. price gap on consumer items.

On Monday, Transport Minister Lisa Raitt said she will permit the use of personal electronic devices such as video games, tablets, computers and cameras at any time during a flight, including during takeoff and landing.

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